Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 905,923 shares, a decline of 33.0% from the September 28th total of 1,351,415 shares. Based on an average trading volume of 178,536 shares, the days-to-cover ratio is currently 5.1 days. Approximately 4.9% of the shares of the company are sold short.
In related news, insider Der Ploeg Leonardus H.T. Van sold 31,800 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $29.80, for a total transaction of $947,640.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.93% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of RYTM. Bank of America Corp DE raised its holdings in shares of Rhythm Pharmaceuticals by 110.5% during the 2nd quarter. Bank of America Corp DE now owns 6,251 shares of the company’s stock worth $195,000 after acquiring an additional 3,282 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Rhythm Pharmaceuticals by 642.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,735 shares of the company’s stock worth $273,000 after acquiring an additional 7,559 shares in the last quarter. Highland Capital Management LP purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth approximately $313,000. Rhumbline Advisers purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth approximately $357,000. Finally, TD Asset Management Inc. purchased a new stake in shares of Rhythm Pharmaceuticals during the 2nd quarter worth approximately $364,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.
RYTM stock opened at $26.65 on Wednesday. Rhythm Pharmaceuticals has a 1-year low of $16.80 and a 1-year high of $37.23. The company has a market capitalization of $986.64 million and a price-to-earnings ratio of -9.22.
Rhythm Pharmaceuticals (NASDAQ:RYTM) last posted its quarterly earnings results on Wednesday, August 8th. The company reported ($0.52) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.48) by ($0.04). On average, equities analysts anticipate that Rhythm Pharmaceuticals will post -1.94 earnings per share for the current fiscal year.
Rhythm Pharmaceuticals Company Profile
Rhythm Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the development and commercialization of peptide therapeutics for the treatment of rare genetic disorders of obesity in the United States. Its peptide candidates include Setmelanotide, a melanocortin-4 receptor agonist, which is in Phase III clinical trial to treat POMC and leptin receptor deficiency obesity; and Phase II clinical trial for Bardet-Biedl and Alström syndrome, POMC heterozygous deficiency obesity, and POMC epigenetic disorders.
Further Reading: What are the economic characteristics of a bear market?
Receive News & Ratings for Rhythm Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rhythm Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.